This fall I've been watching one number closely: how many days a home sits before it goes under contract. Back in the spring, a decent house in good shape would get offers by the first weekend. Lately a lot of those same homes are sitting three or four weeks, and some sit six. That's not true of every home. It's true of enough of them that I'd change how you play it if you're buying or selling before the end of the year.
Prices haven't fallen off a cliff. I want to be clear about that, because I keep hearing people say they have, and it's not what I'm seeing on the MLS. What changed is the pace. Buyers are taking a second look, sleeping on it, and coming back with a lower number. Sellers are learning that their first two weeks on the market count for a lot.
**If you're buying for the first time**, days on market works in your favor. A house that's been listed for 35 days is a different conversation than one that came out Thursday. On the new listing, you'll probably need to come in strong. On the one that's been sitting, you can ask more questions, ask the seller to cover some repairs, and use your full inspection window. I'll pull the full history on any place you like, including whether it was listed before, taken down, and put back up. Relisting resets the day count, so a home can look new when it's really been for sale for months.
This is where I disagree with a lot of people: for most first time buyers, waiting for spring is the wrong move. Yes, spring brings more homes. It also brings a lot more people bidding on them.
**If you're selling**, plan on taking longer than your neighbor did two years ago. Set aside enough for a couple of extra mortgage payments in case you need them. Get the small stuff fixed before the photos are taken, not after the first round of showing feedback. A $400 handyman visit costs a lot less than a price cut in week four.
I don't have a secret formula nobody else has. What I do is look at the real numbers for your street, explain them in plain English, and tell you honestly what I'd do if it were my money.
If you're thinking about a move this quarter, send me your address and I'll pull everything that's sold near you in the last 90 days. No pressure at all. Talk soon.